Navigation Links
Water Street Healthcare Partners Acquires Pharmaceutical Development Business From AAIPharma Inc.
Date:7/16/2009

CHICAGO, July 16 /PRNewswire/ -- Water Street Healthcare Partners, a leading private equity firm focused exclusively on the health care industry, announced today that it has acquired the Pharmaceutical Development division from AAIPharma Inc. Water Street has committed up to $75 million in equity financing to expand the business' capabilities with the goal of building it into the leading provider of pharmaceutical development services. The new company is named AAIPharma Services Corp.

The company, which will retain its headquarters in Wilmington, North Carolina, serves more than 300 large pharmaceutical and biotechnology companies throughout North America. Its team of 450 scientists and professionals specialize in services that encompass the entire process of pharmaceutical drug development from discovery through commercialization. Its primary areas of expertise include analytical chemistry, formulation development, clinical packaging, oral drug delivery and contract manufacturing.

"We are thrilled to partner with Water Street to establish ourselves as an independent company," said L. Lee Karras, who has led the business for the past 3 years and has been appointed the company's CEO. "In addition to providing significant capital resources, Water Street offers extensive pharmaceutical expertise that will benefit our company, employees and customers as we embark on a new strategic course. Together with Water Street, we will build on our core strengths to provide our customers with unparalleled knowledge and capabilities that will enable them to successfully navigate the complex drug development process."

In 2008, pharmaceutical and biotechnology companies invested more than $115 billion in drug research and development globally. They are estimated to have outsourced as much as a quarter of that expense. As requirements and standards for drug approvals continue to intensify and development costs rise, companies are expected to outsource more of their drug development in the future. In fact, analysts project the market for outsourced drug development services will grow at a compound annual rate of more than 10 percent from now through 2015.

"The rising complexity of drug development and the costs related to maintaining those capabilities in-house are leading global pharmaceutical and biotech companies to increasingly turn to outside resources for assistance," said Al Heller, an operating partner with Water Street who has more than 30 years of pharmaceutical experience including leading operations for G.D. Searle. "AAIPharma Services goes beyond traditional levels of support to provide customers with unique expertise and capabilities that creatively address challenges that arise during drug development and manufacturing. The company is highly regarded for collaborating with customers to ensure they consistently achieve high-quality results. This is the unique value proposition that we intend to build on."

AAIPharma Services is Water Street's second platform investment in 2009 and first investment in the life sciences sector. Tim Dugan, managing partner of Water Street, commented: "We are pleased that Water Street continues to complete investments in sectors of health care that we have identified as attractive for growth. Over the past 30 years, the AAI Pharmaceutical Development business has consistently grown to achieve strong results. As a stand-alone entity, AAIPharma Services is much better positioned to focus on and expand its core business. We will leverage our team's deep expertise and relationships in the pharmaceutical industry to build on its strong foundation through a combination of organic growth and strategic acquisitions. Ultimately, our goal is to create greater long-term value for customers and the company by establishing AAIPharma Services as the leading provider of drug development services."

About Water Street Healthcare Partners

Water Street Healthcare Partners is a leading private equity firm focused exclusively on health care. With more than $1 billion of capital under management, Water Street is one of the most active investors in the health care industry. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has partnered with some of the world's leading health care companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.


'/>"/>
SOURCE Water Street Healthcare Partners
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Sweetwater Announces Trademarks of State-of-the-Art Healthy Drinking Water Purification Systems
2. Proposed Water Trust Fund Bill Would Provide Solid Foundation for Improvement
3. Watermeadow Medical Wins Medical Education Consultancy of the Year Award
4. Dual Frost & Sullivan Accolade for Veolia Water Solutions & Technologies
5. Midbrook Partners with Supply Core Middle East to Provide Water Bottling and Medical Decontamination Equipment to the Middle East and North Africa
6. EcoloBlue Atmospheric Water Generators(AWG) Will Provide Pure Drinking Water Following a Natural Disaster.
7. NTU receives $2.7 million research funds for innovative water quality monitoring technologies
8. Before You Take the Plunge ... Kessler Offers 10 Important Tips on Water Safety
9. NTU and Sembcorp to jointly explore novel waste water treatment technology
10. Toray to establish water treatment R&D center at NTU in Singapore
11. Lure of Bottled Water May Not Be Health Driven
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... ... February 12, 2016 , ... Healthcare careers in the medical laboratory, nursing, ... via the website of healthcare staffing leader Aureus Medical Group during the month of ... travel therapy positions and in travel and direct hire opportunities in other ...
(Date:2/12/2016)... ... February 12, 2016 , ... ... in the field of long term care. With that, says Patrick Loughney, president ... professionals in administrative roles in long term care environments. His company, which offers ...
(Date:2/12/2016)... Detroit, Mi (PRWEB) , ... February 12, 2016 , ... ... a unique and integral part of the Peety PoppersTM series, sign language translation is ... every message of health and wellness in Peety PoppersTM lessons has a sign language ...
(Date:2/12/2016)... CA (PRWEB) , ... February 12, 2016 , ... With the exception of restorative dentistry, ... of dental decay. With the recent approval by the FDA, there is a now ... similar to fluoride varnish, SDF is very simple and quick to apply. The application ...
(Date:2/11/2016)... ... February 12, 2016 , ... Fitbody Personal Training offers outdoor ... and exciting way to get fit and healthy. Located in Phoenixville, PA, the classes ... a class designed for horseback riders who want to lose weight and tone up. ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... 11, 2016  NOIT™ Research LLC, a private, leading-edge ... Change" campaign to assist needy families in obtaining one ... sold between February 10, 2016 and March 31, 2016, ... family. The NOIT is an auditory stimulus that plays ... language skills. Beth Shier , NOIT ...
(Date:2/11/2016)... Feb. 11, 2016 AAIPharma Services Corp./Cambridge ... custom manufacturing and development services for the pharmaceutical ... capabilities and capacity in its Charleston, ... has driven several recent investments. ... one filling line with small-scale lyophilization. The site ...
(Date:2/11/2016)... and PORTLAND, Ore. , Feb. 11, ... company, is pleased to announce the acquisition of SolutionsRx, ... and rural access hospitals. Along with providing traditional contract ... consulting services to assist clients in navigating the complex ... , CEO of Wellpartner. --> James R. ...
Breaking Medicine Technology: